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The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $89,000, trade discount 30%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice. 5. Purchased merchandise on account from Kester Co., $42,950, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,400, terms n/15. The cost of the goods sold was $9,390. 7. Returned merchandise with an invoice amount of $12,600 purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 21. Sold merchandise on MasterCard, $218,410. The cost of the goods sold was $152,110. 22. Sold merchandise on account to Tabor Co., $56,600, terms 2/10, n/30. The cost of the goods sold was $33,160. 23. Sold merchandise for cash, $34,560. The cost of the goods sold was $20,590. 28. Paid Parsley Co. a cash refund of $6,160 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,090. 31. Paid MasterCard service fee of $3,730.

The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $89,000, trade discount 30%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice. 5. Purchased merchandise on account from Kester Co., $42,950, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,400, terms n/15. The cost of the goods sold was $9,390. 7. Returned merchandise with an invoice amount of $12,600 purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 21. Sold merchandise on MasterCard, $218,410. The cost of the goods sold was $152,110. 22. Sold merchandise on account to Tabor Co., $56,600, terms 2/10, n/30. The cost of the goods sold was $33,160. 23. Sold merchandise for cash, $34,560. The cost of the goods sold was $20,590. 28. Paid Parsley Co. a cash refund of $6,160 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,090. 31. Paid MasterCard service fee of $3,730.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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eBook Journalize the transactions. If an amount box does not require an entry, leave it blank. July 3 Inventory 2,076 X July 5 Inventory Accounts Payable-Hamling Co. July 6 July 6 Accounts Receivable-Parsley Co. Sales -✓ July 7 Accounts Payable-Kester Co. Cost of Goods Sold ✓ Inventory Accounts Payable-Kester Co. Inventory July 13 Accounts Payable-Hamling Co. Cash July 15 Accounts Payable-Kester Co. Cash July 21 Cash Accounts Receivable-Parsley Co. July 21 Cash Sales July 21 Cost of Goods Sold Inventory ✓ ✓ July 22 Accounts Receivable-Tabor Co. Sales -✓ July 22 Cost of Goods Sold Inventory ✓ July 23 Cash Sales July 28 Inventory ✓ July 23 Cost of Goods Sold Inventory ✓ ✓ July 28 Customers Refunds Payable Cash ✓ Cash Estimated Returns Inventory July 31 Credit Card Expense ✓ 2,076 X 00 00 00
Transcribed Image Text:eBook Journalize the transactions. If an amount box does not require an entry, leave it blank. July 3 Inventory 2,076 X July 5 Inventory Accounts Payable-Hamling Co. July 6 July 6 Accounts Receivable-Parsley Co. Sales -✓ July 7 Accounts Payable-Kester Co. Cost of Goods Sold ✓ Inventory Accounts Payable-Kester Co. Inventory July 13 Accounts Payable-Hamling Co. Cash July 15 Accounts Payable-Kester Co. Cash July 21 Cash Accounts Receivable-Parsley Co. July 21 Cash Sales July 21 Cost of Goods Sold Inventory ✓ ✓ July 22 Accounts Receivable-Tabor Co. Sales -✓ July 22 Cost of Goods Sold Inventory ✓ July 23 Cash Sales July 28 Inventory ✓ July 23 Cost of Goods Sold Inventory ✓ ✓ July 28 Customers Refunds Payable Cash ✓ Cash Estimated Returns Inventory July 31 Credit Card Expense ✓ 2,076 X 00 00 00
The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $89,000, trade discount 30%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice. 5. Purchased merchandise on account from Kester Co., $42,950, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,400, terms n/15. The cost of the goods sold was $9,390. 7. Returned merchandise with an invoice amount of $12,600 purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 21. Sold merchandise on MasterCard, $218,410. The cost of the goods sold was $152,110. 22. Sold merchandise on account to Tabor Co., $56,600, terms 2/10, n/30. The cost of the goods sold was $33,160. 23. Sold merchandise for cash, $34,560. The cost of the goods sold was $20,590. 28. Paid Parsley Co. a cash refund of $6,160 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,090. 31. Paid MasterCard service fee of $3,730.
Transcribed Image Text:The following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $89,000, trade discount 30%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice. 5. Purchased merchandise on account from Kester Co., $42,950, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $16,400, terms n/15. The cost of the goods sold was $9,390. 7. Returned merchandise with an invoice amount of $12,600 purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 21. Sold merchandise on MasterCard, $218,410. The cost of the goods sold was $152,110. 22. Sold merchandise on account to Tabor Co., $56,600, terms 2/10, n/30. The cost of the goods sold was $33,160. 23. Sold merchandise for cash, $34,560. The cost of the goods sold was $20,590. 28. Paid Parsley Co. a cash refund of $6,160 for returned merchandise from sale of July 6. The cost of the returned merchandise was $3,090. 31. Paid MasterCard service fee of $3,730.
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